AXA XL Boosts Resources, Adding New Role, to Support Program Insurance Business’ Continued Growth
Boosting its support of the U.S. programs insurance market’s fast-paced growth, AXA XL is investing more resources in its Americas Program insurance business with the appointment of David Brooks to the new role of Chief Underwriting Officer (CUO), Programs and Delegated Arrangements for the Americas. Mr. Brooks will report to Donna Nadeau, AXA XL’s Chief Underwriting Officer for the Americas.
According to Ms. Nadeau, “The Program insurance market is a center for innovation, creativity, and specialization. It continues to mature and is becoming a home to some of the most experienced underwriting talent in the industry. With David’s new role, we’re putting some of our most experienced talent to work so that we can best support our program partners’ growth strategies. David brings nearly 40 years of industry experience as an underwriter, broker and more recently as a risk manager to his new role.”
The latest biennial market survey from Target Markets Program Administrators Association (TMPAA) found that US program premium volume grew by 32.8 percent to $53.8bn from 2018 to 2020 with momentum expected to continue, making program business the fastest growing P&C sector.
Mr. Brooks steps into this new role from his most current role as AXA XL’s Chief Risk Officer for the Americas, effective June 1. After 16 years working in the insurance brokerage community, David joined AXA XL in 1998 to help with the initial launch of its aerospace operation. Since then, he has held numerous roles in underwriting, management, and head of ceded re. In his more recent risk management role, he was instrumental in helping establishing AXA XL’s North America Program due diligence protocol.
In his new role, Mr. Brooks will set strategy, direction and provide a heightened level of sophistication to our Program partners so they can benefit from AXA XL’s deep insurance capabilities and underwriting expertise.
“AXA XL has a long history of supporting niche Program business with partnerships that go back decades. We’re looking forward to boosting our support as growth and increasing demands of the sector become more sophisticated every day,” said Mr. Brooks. “Under Chris Bressette’s leadership, AXA XL has built a robust and growing Program business. With our financial strength, creativity of coverage, access to multiple coverage lines, actuarial experience, analytical data science capabilities, and knowledge of regulatory issues, we have a lot to offer our program partners. We’re looking forward to extending our expertise, capacity and appetite to build more long-term Program partnerships.”
Commenting on the appointment, Chris Bressette, Chief Underwriting Officer for North America P&C Programs, said: “I am excited to work with David as he aligns strategy and operational synergies across multiple delegated businesses. From his diverse experiences, I know he will add unique and valuable insights to our P&C space as we work together to execute profitable growth within this business model.”